LONDON - Smith & Nephew PLC today walked away from its takeover battle with Zimmer Inc.for Switzerland's Centerpulse AG by refusing to increase its offer. Zimmer said today it has noted today's announcement from Smith & Nephew.Ray Elliott, chairman, president and CEO of Zimmer, said, "We understand that the formal process still has several weeks to run, but we are pleased that our offer remains the superior one and that Centerpulse has indicated it will recommend the higher offer to its shareholders.We believe that the terms of our offer represent a compelling opportunity to maximize the value for shareholders of Zimmer, Centerpulse and InCentive by creating the No.1 pure-play global orthopedics company.We look forward to pursuing the next steps in the process as soon as practical."Zimmer stock was up $1.85, to $49.14 at 11 a.m.today.
M.J. RHODES, Times-Union Lifestyles Editor- | July 28, 2016